The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1887-08-11
IVES IvgiGLES THEM.
HR AGREES TO RESIGN TIKI
PRESIDENCY OF THE G., HAD.
They Take All HIS 1. O. US and
Leave Hin Practically
In Control,

the other stockholders OF the Cinciu-
natl, Hamilton aud Dayton: The Gin
cinnati representatives got mp very
early yesterday morning, and II was
not long that 1t took them to agree
that II they wanted any chance at all
they must change their tactics
change them thoroughly and char 70
them quickly. And they changed.
What we're the terms2 Well, there
were terms. And the terms were sat.
isfactory to Henry 8. Ives. They were
terms that put him In an indep ndent
financial position. 1hey were termo
guaranteeing him ali the money
evel into millioas-that he may have
need fer. They were terms that take
care Of all those pestiierouB "Ives
lcans" that have congss,ed Wall
streets vitals these many months.
Aud they were ierme, II the figures Of
his own friends may be accepted,
which assure him pc raonal fortune
OF T. ON 81, 100000 to S., OOO,O
BriAy summarized, the Cincinnati
people, intent on keeping the control
OF the Cincinnati, Hamilton AID Day.
ton road right at home and having II
managed Nc local enterprise, had
asked finally what sort oil proposition
wouid be satisfactory to Mr.. Ives. He
told them Of once, and IL was not new
plan that hs brought out either. they
accepted wha, he dictated. He agreed
10 resign and have bis friends resign
thu Cincinnati, Hamilton ard Dayton
oHces, aud give Cincinnati oRlcials
control at once on the condition that
GncinHali bankers should raise all the
money needed TO take up his loans--
practically substitute themselves q,
lenderB for himself and his syndicate.
Win toe management Of the road la
etroug Cincinnati hands, he agreed
that u soinnati, Hamilton and Dayton
stock would appu ciate In market
value, and, OF course, whatever rise
there should be would bring profit, Co
his pocket. II they believed In the
road, 40 they pIoiessed, he iusi, ted
that they rlBked nothing In this ar.
rasgemsnt On thees terms the bar
gain vas made, and the New York
sreditors were given prompt noti6.
cation that they could step forward
when ever they chose aud be relieved
OF theif burdens II they had any such
anxiety.
The New Workers heard this newe
iron Mr.. Ives himself, who, with that
perpetual smile, assured these rs.
founded. not 70 say disgruntled, citi-
sens that he knew they would be
avail glad 10 learn that his financial
I o. u.b were just a. good a. gold.
But though Ives and his partner,
stayner, resigned the presidency and
yies presidency Of the Cincinnati,
Hsnilton and Dayton rosd, they kept
thcir seats In the Board OF Directors,
and % does every one OF their friends
and factt tums, Christopher Meyer
has been with Ives throughout in this
deal. His heart has been with the
Cincinnati interests rather than with
Sue Wall strest contingent. His posi-
ton - viss president OF the Oincin.
na !, Hamilton and Dayton road slgni.
hfs only tina, Ives and his fdends sro
just "a close ~ ever 10 tho real mkn.
agement and direction Of the road.
Some indication Of q fight tia, may
have 10 be made before the now " Q
programme goes into effect NAV bs
seen In this letter from a Wall sirsst
law firm addressed yesterday 10 the
direo ors Of the Cincinnati, Hamillon
and Dayton road concerning one e
tho companies controlled by them:
DkAR SIa-In behalf oi certain stock
holders Of the Daytop, Fort Wayne
and Ohic,gp Rhlvay Company No
beg TO call your attention TO the To-.
loving iaots: The sgr cement Of cou.
eolida,ion by which eaid company vas
form u provides Tor tne issue Of capt
Del stock OF the C5nstrnc ion u 20.
pany 10 the amount q Sl3, $40 900 la
exchange for stock Of tue contttusnt
ennpapics |, leaves n bal nee oi g..
e2s.0sO u stock for the sue q which
M provisl' h made. 81 fr o. our
clients are advised, no authority ha
been subs, queolly given for the Ia us
OF any oi said balance. Yet We are
advi'ed that the fra Of ii \ Ives q
Co have atte nplsd and are attempt.
Ing TO secure 10 themselves In some
manner the whole ora large part Of
the eaid balance Of stock TIE
hnaneiM iresponsibili,y Of tina,
house being q matter Of comm IN
notorieiy, you will readily recognis
the duty which res's upon tho ofic,fs
atd dir, ctors OF tue contrary 10 $50 20
II that none Of this sock shall be- al.
lowed 10 pAss into the possession ot
sAid II. Z. Ives 4 o., except for the
corporate purposes under proper 80.
thority ri the board Of directors and
Tor tina full par yalus thereof actually
received by the company and placed
heyond tue control Il II. \. Ives a %.
TIE facts may all be known 20 you,
but that there may be no question OF
your rial Elug tho utuaion and the
duties which rect upon you, We have
pr,isned TO tond you this formal
notice.
II IL cnuDonly believed that II. &.
lvsU a CtUkvs practically cont, oiled
the said o1mpany, and We caution you
against allowing any further Oh
lions D. be created ut their dlctstlon
ard their ben, Nc, and alec asains,
allosiug aty OF the assetI Of the com
pany 10 be 10 their pos ession. II 10
connection 40 would alto col yonT
atsuiinn 10 the fact that some or ~ oI
the : 200, 600 Of Dayton and lhlosgo
bonds which were heretofore directed
n b. oAnosled have In come mannei
bssn put out and applied 10 the per
tlarl ussn Of II. \. Ives 4 %. very
fe'psriiullv.
SIMPSON, TEACHER A BARHUM.
THIS letter Was prepared Ia the In
leTost Of New Y rk and Boston cred
itjn
piREcr NJ AND CREDiroRs.
The dr,ctom' committee and ,h,
,gt.lln' commi toe held joiuI
meet ~ today Il tho oiii 4 he Gin
r,uUsii, Hamilton and Dayton road
To- the purpose II rtccftainfng II pos
sible tbs EJECT lnsocial condition o.
tho T0sd. The committee leo called
upln Meesia htayner ard Ives. TIE
ti'uA on of al ip IL siid 10 be much
elmIlica'fd owing 10 To close fela
firnn ahifh lhla Ft.aN I.a a. Nh. " -.